Forex reserves rise USD 954.6 mn to USD 294.3 bn

The country's foreign exchange reserves rose by USD 954.6 million to USD 294.36 billion on account of gains in the value of gold reserves, the Reserve Bank said today.
In the previous reporting week, the reserves had dipped by USD 383.7 million to USD 293.41 billion.
After remaining unchanged for multiple weeks, the gold reserves surged by USD 902.3 million to USD 20.978 billion for the week neded February 28, the Reserve Bank said today.
Foreign currency assets (FCAs), a major part of the overall reserves, increased by USD 33.6 million to USD 266.90 billion for the week ended February 28, RBI said.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in its reserves.
The special drawing rights also rose by USD 13 million to USD 4.468 billion, while the country's reserve position with the IMF increased by a USD 5.7 million to USD 2.011 billion, the apex bank said.